Investing in a Vacation Property? Learn What You’ll Need to Have to Get A Mortgage Approved

With approximately one million people having purchased vacation homes in the last year, this type of residence is gaining popularity for those who are interested in a home in a beach setting or a vacation hot spot. However, while a second home can seem like a great purchase and solid investment opportunity, there are different requirements that go into this type of purchase. If you’re considering a vacation home, you may want to be aware of the following financial factors.

The Down Payment Amount

If you currently have a primary residence, you may be aware that you don’t need to put down 20% or even 10% in order to make a home purchase, but things are different when it comes to a vacation home. Because you will be taking on an additional mortgage, there is greater risk involved, and this means you will likely have to put in at least 10 percent. Because of this, many homebuyers utilize the equity they have in their first home to make up the down payment.

About The Credit Score

Most people that have a credit score of more than 500 have the ability to use a mortgage product and purchase a home, but if you’re buying a second property, you’ll need a higher credit score in order to facilitate the purchase. Because there is more risk involved, lenders will want to make sure you’re a good bet. In addition, if you do have a lower credit score, lenders like Fannie Mae may also expect you to put more down to decrease the risk involved for them.

The Income Required

Since you’ve been through the mortgage process for your first home, you’re probably aware that you debt-to-income (DTI) ratio needs to be a certain amount in order to qualify for a mortgage. While your DTI for a primary residence may be a little bit higher since it’s your only payment, this ratio will be lower for your vacation home since it’s higher risk. This means you’ll require a slightly higher income than for your primary residence in order to get approved.

Deciding to purchase a vacation home can be a very exciting concept for many people, but there are a number of different financial requirements that go along with buying another residence. If you’re in the market for a vacation property and are curious about what’s involved, give me a call to get you on the right track – J.P. Cook – 602-320-4253.

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42041 W Carlisle Lane Maricopa, AZ 85138

$529,900

3 Beds

2.5 Baths

2,967 SqFt

Status Active

MLS # 6776346

Property Type Single Family Residence

Price Type --

SPARKLING POOL with water feature, gorgeous one story home almost 3,000 sq ft, 3BR/Office or Den, Bonus Room, 2.5 Bath, 3 car, recently remodeled Master Bath with 6 ft jacuzzi tub and extra large custom tile shower! SOLAR OWNED, FORMER MODEL HOME, beautiful two tone paint. 10 ft ceilings, highly upgraded kitchen offers staggered cabinets, tile backsplash and DOUBLE OVENS, family room has built in entertainment center and gas fireplace, den office has built in wall shelving. Backyard boasts artificial turf, putting green, pergola in backyard. Garage has epoxy flooring and cabinets. split 3 car garage with cabinets and soft water system. This is a MUST SEE!

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17446 W Gelding Drive Surprise, AZ 85388

$529,900

4 Beds

2.5 Baths

2,416 SqFt

Status Active

MLS # 6779117

Property Type Single Family Residence

Price Type --

You'll LOVE this incredible 4 bed 2.5-bath. Recent updates include painted cabinets, new A/C units, new carpet, new pool fence, freshly painted. All Single Level block home neighborhood. This home boasts a spacious living room & formal dining room. The home exudes elegance with its tall ceilings, soothing paint tones, lovely light fixtures, classic tile flooring, and plush carpeting. Kitchen features SS appliances, granite counters, a center island, a walk-in pantry, ample white cabinetry w/ crown molding, and a bright breakfast nook w/ bay window. Generous bonus room is great for a hobby/media room. Retreat to the main suite with an immaculate ensuite, and a walk-in closet. Escape to the entertainer's backyard with a covered patio and a refreshing pool.

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1841 E Gary Way Phoenix, AZ 85042

$529,900

3 Beds

2 Baths

2,259 SqFt

Status Active

MLS # 6780909

Property Type Single Family Residence

Price Type --

What a wonderful home! Most popular floor plan in sought after Highline Ranch. The best elevation with stone veneer and the only one with a courtyard entry. Open floor plan with 3 bedrooms ''plus'' a large den that could be a 4th. Open floorplan with a wall of windows overlooking a stunning backyard with a fire pit, fountain, synthetic grass and mountain views. Yard is plenty big enough for a pool. Wonderful kitchen with a bay windowed breakfast overlooking the yard, lots of staggered cabinets, huge island, granite counters, backsplash, stainless appliances including a gas stove and a breakfast bar. Primary bedroom has a private door to the patio, bay window, grand ensuite with his and hers vanities and a glass block walk in shower. The home comes with all appliances including W/D.

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9117 E Hillview Circle Mesa, AZ 85207

$529,900

4 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6797312

Property Type Single Family Residence

Price Type --

This move-in-ready home has been beautifully updated with fresh exterior paint, quartz countertops in the kitchen and bathrooms, and brand-new carpeting in the bedrooms. The kitchen, which opens to a great room, features vaulted ceilings and a convenient TV niche. The split-bedroom layout ensures privacy, and the primary bedroom includes a walk-in closet, a tub, and a separate shower. Situated on a quiet cul-de-sac lot with mature trees, this home offers a serene outdoor setting. The backyard features a low-maintenance design, a covered patio, and breathtaking sunset and mountain views. Conveniently located near the 202 freeway, this home offers easy access to shopping, dining, schools, and hiking trails. It also features a built-in speaker and stereo system for added entertainment.

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3732 E South Fork Drive Phoenix, AZ 85044

$529,900

4 Beds

2.5 Baths

2,082 SqFt

Status Active Under Contract

MLS # 6755167

Property Type Single Family Residence

Price Type --

Welcome to this spacious 2-story, 4-bedroom, 2.5-bath home nestled in one of the most sought-after suburbs of Phoenix. With over 2,000 square feet of living space, this home is designed for families looking for comfort, convenience, and a vibrant community. As you step inside, you're greeted by an inviting layout that perfectly blends style and functionality. The open-concept living and dining areas offer ample space for entertaining, while large windows provide natural light, creating a warm and welcoming atmosphere. The kitchen is equipped with modern appliances, plenty of storage, and a breakfast nook for casual family meals. Upstairs, the primary suite offers a peaceful retreat with an en-suite bath, dual vanities, and a spacious walk-in closet. Additional bedrooms provide plenty of space for family, guests, or a home office. One of the standout features of this home is its location no neighbors directly in front means added privacy and open views. With easy to maintain front and backyard with artificial turf! BRAND NEW CARPET AND FRESH PAINT INSIDE THE HOME!

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6807 W Winston Drive Laveen, AZ 85339

Open House

$529,900

4 Beds

3 Baths

2,342 SqFt

Status Active

MLS # 6800443

Property Type Single Family Residence

Price Type --

Just Listed: Move-In Ready 2023 New BuildWhy wait for construction when this stunning, newly built single-level home is ready for you now? Boasting 4 spacious bedrooms, 3 bathrooms, and a den, this home redefines modern living with an open floor plan perfect for entertaining. The kitchen is a chef's dream with a large island, quartz countertops, Sonoma Maple cabinets, stainless steel appliances, and plenty of storage space. The master bathroom offers a spa-like retreat with a luxurious walk-in shower featuring dual showerheads, including a rainfall option. Designed with flair, this home stands apart from the typical new build with its eclectic paint scheme, 3D wood accent walls, and sophisticated lighting concepts. The landscaped backyard is a low-maintenance paradise, complete with pavers, artificial grass, mood lighting, and a firepit, making it ideal for relaxing or hosting gatherings. Located minutes from the 202 freeway, this home provides easy access to Downtown Phoenix, Westgate, and Sky Harbor Airport. Experience the perfect combination of style, convenience, and comfortschedule your tour today!

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9053 E Hillview Circle Mesa, AZ 85207

Open House

$529,900

3 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6770705

Property Type Single Family Residence

Price Type --

Bright and spacious family home, neutral tones, tranquil interior design, located in the premiere community of Sierra Heights. Well maintained, pride of ownership, 3-bedroom 2 bath home, open concept architecture. Landscaped corner lot with desert flora. Updated kitchen cabinets, modern hardware, quartz countertops with farm sink, stainless appliances. Over size primary with ensuite dual sinks and walk in closet. Large bedroom 2 - renovated combining two smaller bedrooms. Great room flows into outdoor covered patio, with above ground hot tub / spa, artificial turf, low maintenance back yard. Newer AC and Water Heater. Natural light flows throughout the home, plantation shutters added. Seller relocating out of state for work, motivated to sell home. The Sierra Heights community features green space, access to hiking trails,3 parks and mountain views. Located just 20 minutes from Sky Harbor Airport. Paddle boarding, boating and camping nearby at Canyon and Saguaro Lakes. Just 15 minutes from 4 world class golf courses, truly a limitless, outdoor experience and leisure area of Mesa in the East Phoenix Valley.

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1032 W Finch Drive Queen Creek, AZ 85140

$529,890

4 Beds

3 Baths

1,858 SqFt

Status Active

MLS # 6788961

Property Type Single Family Residence

Price Type --

Ready end of December!! Near all the amenities and park area. 4 Bedrooms 3 baths, beautiful Staggered White cabinets with Quartz Counter tops, Gas range, wood look tile, tile backsplash and two-tone paint throughout!! Great sized backyard with covered patio to enjoy. Just steps away from all the amazing Amenities North Creek has to offer.

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15832 W Fillmore Street Goodyear, AZ 85338

$529,800

3 Beds

2 Baths

2,309 SqFt

Status Active

MLS # 6776695

Property Type Single Family Residence

Price Type --

This property is the epitome of pride in ownership--impeccably maintained by original owner with $100k+ in upgrades: owned solar, water softener system, fresh paint, custom pool/spa, outdoor kitchen/ entertainment space finished with fresh Meyer lemons, limes & navel orange trees. Prime location -thoughtfully enhanced with custom finishes to not only be a perfect entertainment home but also energy efficient. Discover a harmonious balance of sophistication and warmth, this property is ready to welcome its new owner(s).

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16953 W Merrell Street Goodyear, AZ 85395

$529,700

2 Beds

2.5 Baths

1,825 SqFt

Status Active

MLS # 6772828

Property Type Townhouse

Price Type --

3 Years New! Gorgeous corner lot villa nestled in the 55+ Pebble Creek Community.Discover a harmonious interior showcasing a neutral tile floor,soothing color palette,stylish light fixtures,& multi sliders merging indoor w/the outdoor living. The chef's kitchen boasts wood cabinets w/crown moldings & pull out organizers. GE Profile Appliances,Quartz Counters,Custom tile backsplash, a Pantry & a large center island for entertaining.The primary bedroom features soft carpet, a private bathroom with dual sinks and a huge walk in shower & walk in closet. Upgrades include a whole home green water system , murphy bed w/closet in the office/den and epoxy garage floor. Enjoy relaxing in the private backyard offering a covered patio and endless blue skies

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6940 E Cochise Road Unit 1007 Scottsdale, AZ 85253

$529,500

2 Beds

2 Baths

1,618 SqFt

Status Active

MLS # 6790383

Property Type Townhouse

Price Type --

Discover stunning luxury townhome in the heart of Scottsdale, a short walk to premier shopping, dining, & #1 Rated HS. Features 2 spacious Primary Suites w/ walk-in closets & split floor plan for privacy. Oversized 2-car garage w/ built-in cabinets & newer smart door. Chef's kitchen w/ granite counters, tile backsplash, SS apps, gas range, & newer fridge (2022). Bright layout flows into dining area & sunlit great room w/ built-in surround sound, perfect for entertaining. Upgrades: newer AC (2023), remodeled Primary bath (2023), refreshed 1st-floor BR (2021), & Kinetico water softener (2023) w/ 10-yr warranty. Gated comm. w/ heated pool, trendy cosmopolitan vibe, close to Scottsdale's best dining, shopping, & entertainment!

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6429 E Melrose Street Mesa, AZ 85215

$529,500

3 Beds

2 Baths

1,788 SqFt

Status Active

MLS # 6794898

Property Type Single Family Residence

Price Type --

Beautiful, single level on the Painted Mountain Golf course WITH pool! Come and see this 3 bedroom, 2 bathroom property next! So many amazing upgrades, and a phenomenal lot/location to boot. New piping, faucets & toilets, turf, raised garden, LVP flooring, refinished cabinetry, recessed lighting, new windows with 10 year warranty, new water softener and R/O system all installed in 2020-2022, pool heater, and brand new roof installed in 2024! NO HOA to deal with, great views, stellar location, single level, amazing floor plan, and priced to sell!

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